SWE Operational Risk Management – Flashcards
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What are the Seven Steps of the ORM Process
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1. Identify Mission Tasks 2. Identify Havards 3. Assess Risks 4. Identify Options 5. Evaluate Risk vs. Gain 6. Execute Decision 7. Monitor Situation
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In the Assess Risks section of the ORM what does SPE stand for?
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S - Severity P - Probability E - Exposure
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In the identify options section of ORM what does STAAR stand for?
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S - Spread Out T - Transfer A - Avoid A - Accept R - Reduce
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In the Identify Havards section of the ORM what does PEACE stand for?
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P - Planning E - Event Complexity A - Asset Selection C - Communications E - Environmental Conditions
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In the Risk Assessment Model of the ORM risk equals what?
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Risk = Severity X Probability X Exposure
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What is step one of the ORM Process?
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Identify Mission Task
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What is step 2 of the ORM Process?
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Identify Hazards
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What is step 3 of the ORM Process?
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Assess Risks
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What is step 4 of the ORM Process?
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Identify Options
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What is step 5 of the ORM Process?
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Evaluate Risk vs Gain
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What is step 6 of the ORM Process?
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Execute Decision
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What is step 7 of the ORM Process?
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Monitor Situation
